Federal spending sets record through August

CNS – The federal government spent a record $4,155,323,000,000 in the first eleven months of fiscal 2019 (October through August), according to the Monthly Treasury Statement released Thursday.

While spending a record $4,155,323,000,000, the government ran a deficit of $1,067,156,000,000.

The most the federal government had ever spent in the first eleven months of a fiscal year before this one was in fiscal 2018 when the Treasury spent $3,951,247,170,000 (in constant August 2019 dollars, adjusted using the Bureau of Labor Statistics inflation calculator).

Total federal tax revenues in the first eleven months of fiscal 2019 equaled $3,088,167,000,00. That was more than the $3,037,420,180,000 (in constant August 2019 dollars) that the Treasury collected in total taxes in the first eleven months of fiscal 2018, but less than the $3,099,536,720,000 in total taxes (in constant August 2019 dollars) that the Treasury collected in the first eleven months of fiscal 2017. READ MORE